Global asset managers hit new milestone: $140 trillion under management in 2024, with North America leading the charge

The world’s largest asset managers in the world have reached an unprecedented milestone, with the top 500 firms collectively managing $139.9 trillion in assets at year-end 2024—marking a robust 9.4% jump from 2023. This rebound signals the industry’s strong recovery, surpassing the previous peak recorded in 2021.

The growth narrative, however, tells distinctly different regional stories. North American asset managers posted the strongest performance, climbing 13% year-over-year and now commanding $88.2 trillion, representing 63% of the global top 500. In sharp contrast, Japan’s asset managers experienced headwinds, with their AUM declining 9.5% during the same period. This divergence underscores how regional economic cycles and investment flows continue to reshape the competitive landscape.

The UK’s position in the hierarchy is particularly notable. Once holding the number-two spot in 2019, the country now faces the prospect of slipping to fourth place within the next five years as France and Canada gain ground—a reminder that asset management leadership remains fluid and contested.

The unstoppable rise of passive strategies

Perhaps the most significant structural shift involves the growing dominance of passive investment approaches. These strategies now account for 39% of total AUM, a 6.1 percentage-point increase year-over-year. Conversely, actively managed assets have contracted to 61%, down 3.6% from the prior year. This rebalancing reflects both investor preferences for lower-cost index tracking and the competitive pressures facing active managers.

Consolidation accelerates at the top

The largest asset managers in the world are tightening their grip on global capital flows. The top 20 firms now oversee 47% of all AUM—up from 45.5% in 2023—with combined assets reaching $65.8 trillion. Among this elite cohort, US-based managers dominate overwhelmingly, representing 83.9% of the segment.

BlackRock maintains its uninterrupted reign as the global leader, a position held continuously since 2009, managing $11.55 trillion. Vanguard and Fidelity Investments round out the trio, controlling $10.11 trillion and $5.52 trillion respectively. This concentration of assets among a few mega-firms raises questions about systemic resilience and market dynamics.

Private markets and emerging champions

A compelling counternarrative emerges in the private markets segment. Specialists in this space have expanded at a pace outstripping traditional asset managers. Brookfield exemplifies this trajectory: its AUM expanded from $240 billion in 2017 to $1.06 trillion by 2024—a 20% annualized climb—propelling it up 46 positions in the global rankings. This surge reflects surging institutional appetite for private credit, infrastructure, and real estate vehicles.

The Middle East as a rising hub

Regulatory reforms across the UAE, particularly in digital asset frameworks and the Qualifying Investment Fund regime, have elevated the region into a strategic destination. Financial hubs like Dubai and Abu Dhabi are increasingly attracting global firms seeking exposure to Shariah-compliant investing, ESG mandates, and emerging digital asset opportunities aligned with national development priorities.

Artificial Intelligence: Early adoption, rising expectations

AI adoption remains in nascent stages across the industry. Approximately 47% of firms are currently investing in AI for strategic and operational enhancements, yet 78% allocate less than 10% of their technology budgets to this technology. Looking ahead, however, 61% expect AI spending to accelerate over the coming five years. Simultaneously, 64% of managers cite cybersecurity vulnerabilities related to AI as a material concern—a critical challenge as the industry scales these capabilities.

The data paints a portrait of an industry at an inflection point: passive strategies gaining ground, concentration increasing among leading asset managers in the world, private markets flourishing, and transformative technologies reshaping operational models.